Page:United States Statutes at Large Volume 122.djvu/764

 12 2 STA T .74 1 PUBLIC LA W 11 0– 227 —M A Y 7, 200 8an n u a l l im i tsde s cr i b ed in sub p ara g rap h(A), as prescribed b y the S ecretary by regulati o n .‘ ‘( 3 ) LIM I TSFORUNDE R G R A DUATE DE P ENDENT STUDENTS. — ‘‘(A) ANNUA L LIMITS.— T he ma x imum annual amount o f loans under this section an undergraduate dependent student (except an undergraduate dependent student w hose parents are unable to borrow under section 428B or the F ederal D irect P L U S Loan Program) may borrow in any academic year (as defined in section 48 1 (a)(2)) or its e q ui v a - lent shall be the sum of the amount determined under paragraph (1), plus $ 2, 0 00. ‘‘(B) AGGREGATE LIMITS.—The maximum aggregate amount of loans under this section a student described in subparagraph (A) may borrow shall be $31,000. ‘‘(4) LIMITS FOR UNDERGRADUATE INDEPENDENT STU- DENTS.— ‘‘(A) ANNUAL LIMITS.—The maximum annual amount of loans under this section an undergraduate independent student, or an undergraduate dependent student whose parents are unable to borrow under section 428B or the Federal Direct PLUS Loan Program, may borrow in any academic year (as defined in section 481(a)(2)) or its equiva- lent shall be the sum of the amount determined under paragraph (1), plus— ‘‘(i) in the case of such a student attending an eligible institution who has not completed such stu- dent ’ s first 2 years of undergraduate study— ‘‘( I )$ 6 ,000, if such student is enrolled in a program whose length is at least one academic year in length or ‘‘(II) if such student is enrolled in a program of undergraduate education which is less than one academic year, the maximum annual loan amount that such student may receive may not exceed the amount that bears the same ratio to the amount specified in subclause (I) as the length of such program measured in semester, trimester, quarter, or cloc k hours bears to one academic year; ‘‘(ii) in the case of such a student at an eligible institution who has successfully completed such first and second years but has not successfully completed the remainder of a program of undergraduate edu- cation— ‘‘(I) $ 7 ,000; or ‘‘(II) if such student is enrolled in a program of undergraduate education, the remainder of which is less than one academic year, the max- imum annual loan amount that such student may receive may not exceed the amount that bears the same ratio to the amount specified in subclause (I) as such remainder measured in semester, tri- mester, quarter, or clock hours bears to one aca- demic year; and ‘‘(iii) in the case of such a student enrolled in coursework specified in sections 484(b)(3)(B) and 484(b)(4)(B), $6,000 for coursework necessary for

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